[Related: Reds Acquire Matt Harvey]

It’s been a rough start to the season for Finnegan, as the former first-rounder has issued more walks (15) than strikeouts (14) and yielded 20 runs (17 earned) in 20 2/3 innings out of the Cincinnati rotation. Of the 27 hits Finnegan has allowed, five have left the yard. He’ll head to Triple-A and look to hone his command as he looks to work his way back onto the big league roster and trim an unsightly 7.40 ERA.

As for Harvey, he’ll be getting a fresh start after a dramatic and highly publicized end to his tenure in Queens. The righty has been rocked for 21 runs on 33 hits and nine walks with 20 strikeouts in 27 innings so far in 2018 as he still searches for his pre-thoracic-outlet-syndrome form. Moving to the hitter-friendly Great American Ballpark isn’t likely to do him any favors in curbing his home run problems — he’s yielded six in 27 innings — though the change of scenery and a lower-profile setting could perhaps provide a mental reprieve.

Cincinnati flipped catcher Devin Mesoraco, whose own career has been derailed by injuries in recent seasons, to the Mets to acquire the rights to roll the dice on Harvey earlier this month. The Reds are reportedly still paying the entirety of Mesoraco’s $13.8MM salary, while the Mets are on the hook for what’s left of Harvey’s $5.6MM salary.

This will mark Gosselin’s second stint with the Atlanta organization, as the Braves were the club to initially select him out of the University of Virginia in the fifth round of the 2010 draft. Gosselin went on to make his Major League debut for the Braves three years later, and in parts of three seasons with Atlanta, he slashed .282/.321/.345 through 185 trips to the plate.

Since being traded to the Braves in the deal that saw Atlanta effectively purchase pitching prospect Touki Toussaint from the D-backs by absorbing the remainder of Bronson Arroyo’s contract, Gosselin has spent time in Arizona, Pittsburgh, Texas and Cincinnati. All told, he’s a lifetime .263/.314/.361 hitter that’ll provide the Braves with some depth at second base, shortstop and third base while playing at the Triple-A level.

The Reds added a few role players but largely turned in a quiet offseason.

Major League Signings

• David Hernandez, RHP: two years, $5MM
• Jared Hughes, RHP: two years, $4.5MM
• Yovani Gallardo, RHP: one year, $750K (unknown whether fully guaranteed)
• Total Spend: $10.25MM

Trades and Claims

• Acquired RHP Robinson Leyer from White Sox for unknown return
• Acquired RHP Miguel Medrano from Rangers for $350K in international bonus pool availability
• Claimed 1B Kennys Vargas from Twins (later lost via waiver claim)
• Claimed LHP Justin Nicolino from Marlins
• Claimed LHP Kyle Crockett from Indians (later non-tendered and re-signed to minors deal)
• Claimed LHP Jairo Labourt from Tigers (later lost via waiver claim)
• Selected RHP Brad Keller from Diamondbacks in Rule 5 draft (later traded to Royals for cash/PTBNL)

Extensions

• Signed 3B Eugenio Suarez to seven-year, $66MM contract with $15MM club option ($2MM buyout) for 2025

Notable Minor League Signings

• Dylan Floro, Phil Gosselin, Rosel Herrera, Patrick Kivlehan, Joe Mantiply, Cliff Pennington, Oliver Perez, Kevin Quackenbush, Ben Revere, Tony Sanchez, Mason Williams, Vance Worley

Notable Losses

• Bronson Arroyo, Zack Cozart, Scott Feldman, Drew Storen

Needs Addressed

The Reds entered this winter, much as the two previous ones, in something of a stasis at the major-league level. While there have been some encouraging signs from certain young players, the organization has not yet found cause to invest in high-quality veterans, both because it has yet to fully develop a new core of young talent and because the payroll is still burdened by several large contracts.

There’s no doubt that the Cincinnati ballclub is in a rebuild. It has failed to top seventy wins or crawl out of the NL Central basement since 2014. Unlike many organizations that find themselves in such a position, however, the Reds have not been able (or, to some extent, willing) to drastically slash payroll, which has barely dipped below $90MM over the past several years — not that far off of the ~$115MM high-point reached in 2014 and 2015.

On the one hand, that’s simply a product of circumstances. Several of the team’s most expensive players — Homer Bailey, Devin Mesoraco, and Brandon Phillips before them — have been essentially untradeable due to injuries, performance, and/or no-trade protection. But the team has also not found appealing opportunities to deal other expensive assets. Well-compensated superstar Joey Votto has full no-trade rights. Closer Raisel Iglesias — who’s relatively cheaper at this point but could opt into arbitration next fall — is rightly seen as a long-term asset, though certainly there’s risk in keeping a high-end young reliever. Center fielder Billy Hamilton was a frequent subject of trade chatter but ultimately was held over the just-completed offseason. And second bagger Scooter Gennett — who was a nice find last spring — is like Hamilton both increasingly pricey and nearing a final trip through the arb process.

The club also decided not to deal third baseman Eugenio Suarez, instead declaring him part of the core moving forward with an extension. He’s valued for both his glove and bat by the Reds. If he can maintain the pace he sustained in 2017, the contract will prove a relative bargain, though it’s also another big commitment and thus obviously carries some risk.

Those players, of course, are still in town. Former shortstop Zack Cozart, on the other hand, departed via free agency — leaving the Reds without any compensation. The club seemed in position to deal him at times, but evidently his ill-timed health issues and/or a lack of reasonable offers precluded a deal. While the Reds held out the possibility of extending Cozart, that never happened and the organization ended up not issuing him a qualifying offer at the end of the 2017 campaign. That decision is hard to fault, as Cozart may have felt it too risky to pass up $17.2MM for one season and carrying draft compensation onto the open market. Without knowing the precise offers that could have been had, it’s hard to second-guess the organization too much for its handling of that particular situation, but it’s certainly a less-than-desirable result in the situation of yet another quality veteran player.

In the aggregate, then, the Reds have likely not pocketed significant amounts of cash even while they’ve put an unsuccessful product on the field. And the organization has reasonably substantial sums already committed into the future, including about $68.5MM for 2019, $49.5MM for 2020, and $40MM for 2021. Contemplating future spending capacity is all guesswork from the outside, but it seems reasonable to say that the Reds did not save as much money or clear as much future payroll space as quite a few other rebuilding teams have in recent seasons. And that likely left less to work with this winter.

Given the situation, perhaps it’s unsurprising that the Dick Williams-led front office ended up turning in another quiet offseason. The organization took a budget-conscious approach to its two biggest needs — accounting for Cozart’s absence and adding some arms — and otherwise mostly elected to maintain the status quo in hopes of finding improvement from within in 2018.

With the outfield and starting infield already accounted for from within, the Reds decided to pursue a few utility pieces to help carry the load while waiting for top prospect Nick Senzel. The club ended up giving Opening Day jobs to both Cliff Pennington and Phil Gosselin, providing a veteran presence but not much hope of significant output.

On the pitching side, David Hernandez and Jared Hughes were both given low-AAV, two-year contracts to firm up the relief corps. Late-spring signee Yovani Gallardo was another addition, though it wasn’t long before he was cut loose. That trio was supplemented by a variety of claims and minor-league signees who’ll combine to add depth, but perhaps not much quality, to a Reds pitching staff that has been irredeemably awful over the past two seasons. Thus far in 2018, recent additions Kevin Quackenbush and Dylan Floro have stuck in the majors, while the team was also able to stash lefties Justin Nicolino and Kyle Crockett in the minors and off of the 40-man roster.

Questions Remaining

The resulting pitching unit is entirely underwhelming on paper. Unsurprisingly, perhaps, the staff has opened the 2018 season as the worst in baseball, continuing a pace of three-year futility that may rival any in baseball history when all is said and done. Of course, as I argued last fall, there wasn’t much sense throwing money at the problem at this point. Even significant spending likely would not have made this roster a contending one; any outside chance at staying in the hunt was likely snuffed out anyway with a 3-and-15 start.

What the Reds are hoping, then, is that their slate of hurlers makes some strides that improve the future outlook. Veteran Homer Bailey is hoping to return to some level of health and effectiveness after three forgettable seasons. With $49MM still owed on his deal (including a buyout of a 2020 option), the best the team can hope for is to fill up some innings or perhaps save a bit of cash if there’s a team interested in a trade. It’s still anybody’s guess when Anthony DeSclafani will return from his run of injuries. He can be controlled for 2019 and 2020 via arbitration. Brandon Finnegan, who has one further year of control, is back on the hill after missing almost all of 2017. Each of these pitchers has succeeded at times in the majors, but whether they can do so again is questionable at best.

There’s some promise from younger arms, too. Luis Castillo was a major bright spot in 2017 and is the most intriguing player the team has returned from its recent trades. Tyler Mahle is expected to turn into a solid MLB starter. But both of these pitchers still need to fully establish themselves at the game’s highest level. A host of other arms — Sal Romano, Amir Garrett, Jackson Stephens, and former top prospect Robert Stephenson among them — will get their share of opportunities. Some, surely, will end up dropping into relief duty (as Garrett has to open the year). Perhaps one or more will prove worthy of a starting slot in the future, though you’ll be hard-pressed to find strong believers among outside talent evaluators.

Garrett has looked good in a relief role to open the season, potentially giving the team another late-inning piece while Hernandez and Michael Lorenzen work back from injury. Iglesias remains the anchor, while Wandy Peralta and Cody Reed provide two more lefty options to go with Garrett. Any contending team would have gone hunting for multiple upgrades over the winter. For the Reds, though, it’s more sensible to run out the pitchers they have to see what sticks.

The situation on the position-player side is more promising, generally, but also comes with some concerns. Perhaps no area is of greater interest than the middle infield. With Suarez locked in at third (once he’s back to full health), it seems that Senzel will end up playing in the middle infield. If he’s capable of playing short, that could put even greater pressure on Jose Peraza, who has to this point wilted with the open opportunity he has received since the start of the 2016 season. Gennett could be a mid-season trade candidate, though rival teams are no doubt aware of the deeper history (including his lack of success against lefties) that preceded his excellent 2017 season. First base (Votto) and catcher (Tucker Barnhart, Mesoraco) rate as strengths.

The outfield unit also has some more established options, though none are foolproof. Hamilton is a defensive and baserunning whiz whose bat seems less and less likely ever to come around. He’s flanked by two powerful, OBP-challenged players in Adam Duvall and Scott Schebler. Well-regarded youngster Jesse Winker is also slated to receive a lot of playing time after showing well in a 47-game stint last year. Phil Ervin, himself a former first-round pick, rounds out the major players in this arena. There’s talent here, but it’d be hard to call this a first-division unit. If things break right, though, the Reds could build from this group without further additions.

Overview

The real problems with the Reds’ current situation began not with any decisions this winter, but with whiffs in years past on moving veteran assets. A combination of questionable decisionmaking (especially, holding some veterans at the 2015 deadline) and poor prospect outcomes, along with injuries and some bad fortune, largely left Williams and co. without appealing options for moving things forward over the just-completed offseason. Unfortunately, that means another season of waiting and hoping that the young talent in an increasingly well-regarded farm system will develop — and do so in time to join Votto while he’s still one of the game’s best hitters.

How would you grade the Reds’ offseason efforts? (Link for MLBTR app users.)

Once a highly-regarded prospect with the Pirates, the 29-year-old Sanchez has settled in as an upper-level depth piece. He’ll head to the Rangers’ top affiliate to take the place of Brett Nicholas, who was recently dealt to the Padres.

Sanchez has just 156 total plate appearances at the MLB level in four seasons of action, over which he carries a .257/.301/.375 batting line. He spent the bulk of 2017 at the Triple-A level with the Angels organization, where he posted a .272/.355/.374 slash with four long balls in 284 trips to the plate.

Hernandez, 26, is best known for an electric fastball that he can run up into triple digits, though his big league debut in 2017 wasn’t particularly inspiring. Through 24 1/3 innings out of the Reds’ bullpen last year, the 6’4″, 230-pound righty posted a 5.18 ERA with and impressive 29 strikeouts against a disastrous 22 walks. He also served up six homers in that short time and posted a 42.9 percent ground-ball rate that was noticeably lower than his typically strong minor league marks.

That said, as a power arm with multiple minor league options remaining, Hernandez seems like the type of arm that could well command interest from other clubs — if not via trade then certainly on the waiver wire. It’s worth noting that Baseball America’s J.J. Cooper pointed out a spring velocity drop for Hernandez (Twitter link), which could very well have contributed to his DFA, though.

Floro, meanwhile, has 24 2/3 innings of big league experience and a 5.11 ERA with 7.3 K/9 and 2.6 BB/9 to show for it. While Hernandez struggles with his control, Floro specializes in preventing free passes, having only yielded 1.5 walks per nine innings in 245 2/3 frames at the Triple-A level. The 27-year-old has averaged just 5.9 K/9 at that level, but he’s also routinely posted ground-ball rates in the mid-50s and notched an impressive 61.6 percent grounder rate in Triple-A last year.